Itaú Unibanco (NYSE:ITUB) Hits New 1-Year High After Strong Earnings

Itaú Unibanco Holding S.A. (NYSE:ITUB)’s share price hit a new 52-week high during mid-day trading on Friday following a better than expected earnings announcement. The company traded as high as $6.58 and last traded at $6.55, with a volume of 14012037 shares. The stock had previously closed at $6.22.

The bank reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.16 by $0.02. Itaú Unibanco had a net margin of 12.25% and a return on equity of 19.46%. The business had revenue of $7.93 billion for the quarter, compared to the consensus estimate of $43.07 billion.

Itaú Unibanco Cuts Dividend

The company also recently disclosed a dividend, which will be paid on Monday, June 9th. Investors of record on Tuesday, May 6th will be given a $0.0024 dividend. This represents a dividend yield of 0.46%. The ex-dividend date is Monday, May 5th. Itaú Unibanco’s dividend payout ratio is currently 2.82%.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. UBS Group raised Itaú Unibanco from a “neutral” rating to a “buy” rating in a research note on Friday, January 17th. Hsbc Global Res upgraded Itaú Unibanco to a “strong-buy” rating in a research report on Monday, January 13th. Finally, HSBC upgraded shares of Itaú Unibanco from a “hold” rating to a “buy” rating and set a $6.18 target price on the stock in a report on Monday, January 13th. Four research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $6.27.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of ITUB. Bessemer Group Inc. bought a new stake in Itaú Unibanco in the 4th quarter valued at approximately $35,000. Parallel Advisors LLC lifted its position in shares of Itaú Unibanco by 707.1% in the first quarter. Parallel Advisors LLC now owns 7,740 shares of the bank’s stock worth $43,000 after purchasing an additional 6,781 shares in the last quarter. Mount Yale Investment Advisors LLC acquired a new position in Itaú Unibanco during the fourth quarter worth $57,000. Signaturefd LLC grew its position in Itaú Unibanco by 4,000.3% in the fourth quarter. Signaturefd LLC now owns 12,260 shares of the bank’s stock valued at $61,000 after purchasing an additional 11,961 shares in the last quarter. Finally, Alta Capital Management LLC acquired a new stake in Itaú Unibanco in the 1st quarter valued at $62,000.

Itaú Unibanco Stock Up 6.3 %

The firm’s 50-day simple moving average is $5.67 and its 200 day simple moving average is $5.29. The company has a debt-to-equity ratio of 2.32, a quick ratio of 1.75 and a current ratio of 1.34. The stock has a market capitalization of $71.26 billion, a P/E ratio of 8.47, a PEG ratio of 0.89 and a beta of 0.76.

Itaú Unibanco Company Profile

Itaú Unibanco Holding SA offers a range of financial products and services to individuals and corporate customers in Brazil and internationally. The company operates through three segments: Retail Banking, Wholesale Banking, and Activities with the Market + Corporation. It offers current account; loans; credit and debit cards; investment and commercial banking services; real estate lending services; financing and investment services; economic, financial and brokerage advisory; and leasing and foreign exchange services.